5 Real-time Applications of Big Data in 2022
Today, big data has become a game changer for enterprises and industry influencers likewise. Over the last few years, applications of big data have greatly increased. Did you know that the Big Data market size is projected to grow from $162.6 Billion in 2021 to $273.4 Billion in 2026? In fact, the market size is estimated to grow at a CAGR of 11.0% during the forecast period.
The above stats only emphasize the increasing adoption and application of big data in all types of modern industries. With its growing implementation in our daily lives, industries have shifted their focus towards finding the real value of big data instead of focusing on the hype around it.
In this blog, we will take a look at the applications of big data in major industries like healthcare, finance, cyber security, social media as well as government agencies.
Applications of Big Data
The main purpose of big data is to analyze large amounts of data and help businesses make better decisions accordingly. Here are some of the notable fields where you can find the maximum application of big data:
1. Application of Big Data in Healthcare
Recent data from the Office of the National Coordinator for Health Information Technology revealed that 97% of children’s hospitals, 96% of general acute care facilities, and 92% of acute long-term care use electronic health records (EHRs).
The application of big data in healthcare has changed the way of managing, analyzing and leveraging data. Before the use of big data analytics, it was impossible to study and segregate the large amount of data generated in the healthcare industry. However, today, healthcare analytics has simplified various things. In fact, it has the potential to reduce the costs of treatment, predict outbreaks of epidemics, avoid preventable diseases and improve the quality of life in general.
Source – MaximizeMarketResearch
Moreover, healthcare professionals are capable of collecting massive amounts of data and finding the best strategies to deliver the best treatment methods
2. Application of Big Data in Finance
Big data is no longer confined to technology—it has now become a business imperative as well. In fact, big data is revolutionizing the functioning of stock markets worldwide including the investment decisions of investors across the world.
Source – Gartner
Today, financial organizations are leveraging big data to mitigate operational risk and combat fraud. Let us take the example of Alibaba. In order to effectively tackle fraud, Alibaba built a fraud risk monitoring and management system based on real-time big data processing. This system identifies bad transactions. Above all, it captures fraud signals by analyzing large amounts of data of user behaviors in real-time through ML.
3. Application of Big Data in Cyber Security
In 2021, the State of Email Security Report, Mimecast found that 61% of organizations experienced a ransomware attack leading to at least a partial disruption of business operations. This concluded that business-disrupting ransomware attacks are increasing.
That being said, cyber security analytics are heavily reliant on big data analytics. This is because big data analytics employs qualitative as well as quantitative methods. As a result, it further aids in the extension of productivity and enterprise gain. In fact, big data allows companies to analyze and predict cyber hacking based on the awareness of the dangerous state of affairs.
4. Application of Big Data in Government Agencies
According to market researchers at IDC, worldwide spending on big data and business analytics solutions grew 10.1% in 2021 to total an estimated $215.7 billion.
Surprisingly, government agencies were among the earliest adopters of big data analytics technology. In fact, they have harnessed some of the biggest benefits of big data applications.
Moreover, a recent IBM analysis states that 34% of chief data officers in the US government now use predictive modeling. In fact, Harvard recently listed several success stories related to the use of data and analytics across the US government. Another recent Gartner survey states that 43% of government CIOs across 89 countries plan to increase their business intelligence and data analytics investments.
5. Application of Big Data in social media
The application of big data on social media platforms is quite visible from the overflowing posts, comments, likes and dislikes, followers, followings, etc. According to Statista, with 2.38 billion monthly active users in Q1 2019, Facebook is not going to lose ground and once again proves the effectiveness of big data analytical methods.
Today, social media marketers effectively use big data to monitor future buying patterns and trends. Big data improves the certainty of what consumers want when they want it and how they want it. This, as a result, provides insights into what their new products can be like.
Another important application of big data in social media is the prevention of cyberbullying. Cyberbullying and sharing of offensive content are becoming rampant on social media apps—especially on Instagram. In fact, statistics have shown that around 42% of young people experience cyberbullying on Instagram.
In order to tackle the problem, Instagram uses AI and Big Data to tackle the increase of these vices. Using these, Instagram algorithms quickly identify inappropriate content. And as a result, they generate an instant notification for Instagram to block or delete the content.
Conclusion: How can Big Data Application Help Industries grow?
Today, big data allows businesses and organizations to accumulate and store huge amounts of information for easy analysis. This can be essentially useful for businesses in various industries. Moreover, whilst analysis of big data can be used in different ways to help different industries, some benefits of big data are universal
Besides, there are numerous winners who leverage big data to clear cobwebs for businesses. One of them is Netflix which saves $1 Billion every year to retain customers by digging through its vast customer data.
To conclude, the increasing adoption of big data across various sectors will only boom in the future.